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The economics of knowledge is a rapidly
emerging subdiscipline of economics that has never before
been given the comprehensive and cohesive treatment found
in this book. Dominique Foray analyzes the deep conceptual
and structural transformation of our economic activities
that has led to a gradual shift to knowledge-intensive activities.
This transformation is the result of the collision of a
longstanding trend -- the expansion of knowledge-based investments
and activities -- with a technological revolution that radically
altered the production and transmission of knowledge and
information. The book focuses on the dual nature of the
economics of knowledge: its emergence as a discipline (which
Foray calls "the economics of knowledge") and
the historical development of a particular period in the
growth and organization of economic activities ("the
knowledge-based economy").
The book, which alternates between analysis
of the economic transformation and examination of the tools
and concepts of the discipline, begins by discussing "knowledge"
as an economic good and the historical development of the
knowledge-based economies. It then develops a conceptual
framework for considering the issues raised. Topics considered
in the remaining chapters include forms of knowledge production,
codification and infusion, incentives and institutions for
the efficient production of knowledge (including discussions
of private markets and "open" sources), and knowledge
management as a new organizational capability. Finally,
the book addresses policy concerns suggested by the uneven
development of knowledge across different sectors and by
the need to find ways of reclaiming the public dimension
of knowledge from an essentially privatized knowledge revolution.
Dominique Foray is Research Director
at the Centre National de la Recherche Scientifique (CNRS),
Professor at the Institute for Research and Innovation Management
(IMRI) at the University of Paris-Dauphine, and Principal
Administrator at the Center for Education, Research, and
Innovation at OECD (Paris).
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